Nearly 50 of ZKsync Airdrop Recipients Have Sold Their Entire Token Holdings According to Nansen

Almost Half of ZKsync Airdrop Recipients Quickly Sold Their Tokens: Nansen
According to Nansen, a significant number of recipients of the highly anticipated ZKsync airdrop wasted no time in offloading their new tokens right after receiving them, as shown by on-chain data.
The analysis revealed that approximately 41% of the top 10,000 Ethereum addresses that received ZK tokens decided to sell off their entire holdings within just 24 hours of the airdrop on Monday. Nansen labeled these individuals as “jeets” – investors who quickly sell off their assets at the first sign of trouble.
Meanwhile, another 30.1% of recipients chose to sell off a portion of their tokens, with only 28.8% opting to hold onto the full airdrop or even increase their positions. It’s worth noting that these addresses represent just a small fraction, 1.44%, of all eligible wallets for the airdrop, so the behavior may have varied for holders with smaller amounts.
The total sell pressure generated by addresses liquidating their ZK holdings amounted to $346.7 million for full sales and $149.2 million for partial sales. As reported by CoinGecko, the current market cap of ZK stands at $751 million, with the token’s price experiencing a 16.6% drop in the past 24 hours, accompanied by a trading volume of approximately $1 billion.
It’s not uncommon for newly airdropped tokens to experience a sell-off. For instance, Starknet, a competing Ethereum layer 2 network, saw its token value plummet by 49% within a day of its airdrop in February. The sell-off of ZK tokens also coincides with a broader downturn in the crypto market, with Bitcoin and Ethereum both recording declines of 2.9% and 2.78%, respectively, in the last 24 hours.
The largest individual recipient of the ZKsync airdrop received over 8.3 million ZK tokens, valued at $1.7 million at the time of writing. On the other hand, a significant number of smaller recipients claimed around 53,000 tokens, now worth approximately $10,600. In total, the airdrop distributed 3.675 billion ZK tokens to early ZKsync users and adopters.
What is ZKsync?
ZKsync is a layer 2 blockchain that leverages zero-knowledge rollups to facilitate faster and more cost-effective Ethereum transactions while still benefiting from Ethereum’s security features. Holders of ZK tokens can engage in the network’s governance, delegate their tokens, and actively participate in the community.
While many initial tokens were distributed to network users, others were allocated to “contributors” – including developers, researchers, communities, and companies.
The fully diluted market cap of ZKsync amounts to 21 billion units, with only 17% of tokens currently in circulation.